Payday Lending and Title Lending

ORS 725A

Payday loans are primarily for personal, family, or household
purposes. They can be made in amounts less than $50,000, are typically
repaid with a single payment, and the term of such loans may not
exceed 60 days. Repayment is usually by a check or automatic withdrawal
from a checking or savings account. If a person acts as an agent,
broker, or facilitator for an entity that makes such loans must
also be licensed as a payday lender. Interest rates are limited
to 36% per annum. An origination fee of the lesser of $10 per $100
loan or $30 is also allowed.

Title loans are made where a motor vehicle, recreational
vehicle, boat, or mobile home is provided as security for a loan.
This lending includes sale-leaseback arrangements where the title
and all rights to the vehicle are not transferred to the purchaser
in a bona fide sale of the item, if the consumer retains equity
in the vehicle or the consumer has an option to repurchase the vehicle
for a nominal price.

Title loans are limited to 60 days or less, for amounts of less
than $50,000, and typically require the borrower to repay the entire
amount in a single payment. A person who acts as an agent, broker,
or facilitator for an entity that makes such loans must also be
licensed as a title lender. Interest rates are limited to 36% per
annum. An origination fee of the lesser of $10 per $100 loan or
$30 is also allowed.

File a complaint
If you have a complaint against a payday or title lending business, please use our
online complaint form. The form may also be printed and mailed or faxed to us. The
form is available in both English
and Spanish
versions.